BRIDGEWATER, N.J. (AP) -- Synchronoss Technologies Inc. said Wednesday that its second-quarter net income grew sharply because of strong demand for its phone-billing technology from Verizon and other companies.
Synchronoss, a provider of subscriber activation and other services for wireless companies, earned $11.9 million, or 31 cents per share, in the April-June period. That's up from earnings of $3.2 million, or 6 cents per share, in the same period a year earlier. Revenue rose 22 percent to $67 million from $54.8 million.
Adjusted earnings were 29 cents per share in the latest quarter.
Analysts, on average, expected earnings of 26 cents per share on revenue of $66.7 million, according to FactSet.
Shares fell 97 cents, or 5.4 percent, to $17.05 in after-hours trading. The stock closed down $1.10, or 5.8 percent, at $18.02 in the regular session.
